IL SB2939

Amends the Transmitters of Money Act to regulate general-use prepaid cards and requires all vendors to be licensees or authorized sellers under the Act.

Permits only an activation fee not to exceed the greater of $1 or 1% of the card's value, with conspicuous disclosure of all fees on the card or packaging.

Prohibits reloading fees, balance check fees, overdraft protection fees, dormancy fees, inactivity charges, and service fees, except for dormancy/inactivity/service fees on cards with no activity in 18 months (capped at $1 or 1% monthly, whichever is less).

Prohibits vendors from issuing cards with expiration dates, using deceptive practices, making loans or extending credit, charging unauthorized fees, or engaging in fraudulent activities.

Requires money transmitter licensees and authorized sellers to obtain separate licensing under the Currency Exchange Act before cashing checks for a fee.